Objective
Our Company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:1. Investment in Midwest Neostone Private Limited (“Midwest Neostone”), our wholly owned subsidiary, by way of a loan, towards funding capital expenditure for Phase II of the quartz grit and powder processing plant (the “Phase II Quartz Processing Plant”)
2. Capital expenditure for purchase of electric dump trucks (“Electric Dump Trucks”) to be used by our Company and investment in Andhra Pradesh Granite (Midwest) Private Limited (“APGM”), our Material Subsidiary, by way of a loan, for purchase of Electric Dump Trucks
3. Capital expenditure for integration of solar energy at certain Mines of our Company
4. Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and investment in APGM, by way of a loan, for pre-payment/ re-payment of, in part or full, certain outstanding borrowings of APGM
and5. General corporate purposes.